EX-99.1 2 companynewsreleasedatedaug.htm EX-99.1 Document

Exhibit 99.1
 
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  1 North Brentwood Boulevard  Phone: 314.854.8000
  15th Floor  Fax: 314.854.8003
  St. Louis, Missouri 63105  
    www.Belden.com
News Release

Belden Reports Record Quarterly Results


St. Louis, Missouri – August 3, 2023 - Belden Inc. (NYSE: BDC) (the “Company”), a leading global supplier of network infrastructure and digitization solutions, today reported fiscal second-quarter results for the period ended July 2, 2023.

Second Quarter 2023 Highlights
•Record Revenues of $692 million, +4% y/y
•Organic Growth of +5% y/y
•GAAP EPS of $1.60, +22% y/y
•Record Adjusted EPS of $1.91, +19% y/y
•Increased full-year 2023 EPS guidance
•Executed $36 million of share repurchases during the quarter, and $90 million year to date through July

“We had another quarter of outstanding performance, achieving record quarterly revenues and adjusted EPS. Gross margins again came in better than expected, at 38%, up approximately 400 basis points year over year. Our strong growth and improved margins highlight the transformation we are undertaking to become the leading network and data solutions provider,” said Ashish Chand, President and CEO of Belden Inc. “By focusing on customer success and business outcomes, our team is capitalizing on marketplace opportunities to further drive organic growth initiatives. We remain focused on growing our solutions offerings and deploying our cash flow towards high return opportunities.”


Second Quarter 2023

Revenues for the quarter totaled $692 million, increasing $25 million, or 4%, compared to $667 million in the year-ago period. Organic year-over-year growth for the quarter was 5%, with Industrial Automation Solutions at 8% and Enterprise Solutions at 1%. Net income was $69 million, compared to $59 million in the year-ago period. Net income as a percentage of revenue was 9.9%, compared to 8.8% in the year-ago period. EPS totaled $1.60 for the quarter, compared to $1.31 in the year-ago period.

Adjusted EBITDA was $123 million, increasing $12 million, or 11%, compared to $111 million in the year-ago period. Adjusted EBITDA margin was 17.8%, up 120 bps, compared to 16.6% in the year-ago period. Adjusted EPS was $1.91, increasing 19% compared to $1.60 in the year-ago period. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.










Outlook

“The first half of 2023 was robust for Belden with the business outperforming expectations and delivering record results. With such record performance, I am happy to share that we are increasing our full-year EPS guidance,” said Dr. Chand. “We continue to benefit from long-term secular trends that have lengthy investment cycles. Investments in automation, reshoring, increased connectivity, increasing bandwidth usage, and network upgrades all bode well for Belden to produce sustainable earnings growth. We are confident in our markets and ability to execute our strategy and generate sustainable, long-term shareholder value. Belden’s business is transforming and continues to make excellent progress towards achieving our goal of at least $8.00 of Adjusted EPS by 2025.”

End demand for our products and solutions remains healthy. As expected, channel partners are taking down inventory in 2023 as the supply chain continues to normalize. However, the temporary impact on orders is slightly higher than previously anticipated. Consequently, we expect a modest impact on full-year revenue and have adjusted our guidance accordingly.

Due to successful execution and expanding margins across our business, we are increasing our full-year EPS guidance. Adjusted EPS guidance for 2023 now reflects year-over-year growth between 12% and 15%.

The table below provides updated guidance for the full year 2023 and newly issued guidance for the third quarter of 2023.
Full Year 2023:
Updated GuidancePrior Guidance
Revenues (billion)$2.695 - $2.725$2.710 - $2.760
Organic growth3% - 4%3% - 5%
GAAP EPS$5.95 - $6.15$5.71 - $6.01
Adjusted EPS$7.15 - $7.35$6.95 - $7.25
Third Quarter 2023:
Guidance
Revenues (million)$675 - $690
Organic growth(1%) - +1%
GAAP EPS$1.40 - $1.50
Adjusted EPS$1.75 - $1.85

Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss the results. The listen-only audio of the conference call will be broadcast live via the Internet at https://investor.belden.com. The dial-in number for participants is 888-394-8218 with confirmation code 5194490. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

Net Income, Earnings per Share (EPS), and Organic Growth

All references to net income and EPS within this earnings release refer to income from continuing operations and income from continuing operations per diluted share attributable to Belden stockholders, respectively. Organic growth is calculated as the change in revenues excluding the impacts from currency exchange rates, copper prices, acquisitions and divestitures.


BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedSix Months Ended
July 2, 2023July 3, 2022July 2, 2023July 3, 2022
 (In thousands, except per share data)
Revenues$692,245 $666,551 $1,334,034 $1,276,922 
Cost of sales(430,917)(444,246)(826,601)(845,757)
Gross profit261,328 222,305 507,433 431,165 
Selling, general and administrative expenses(126,635)(105,203)(248,209)(208,269)
Research and development expenses(30,970)(25,989)(60,354)(49,445)
Amortization of intangibles(11,126)(9,177)(20,736)(17,994)
Operating income92,597 81,936 178,134 155,457 
Interest expense, net(8,812)(11,276)(17,013)(25,687)
Non-operating pension benefit646 1,070 1,134 2,270 
Loss on debt extinguishment— — — (6,392)
Income from continuing operations before taxes84,431 71,730 162,255 125,648 
Income tax expense(15,656)(13,088)(30,535)(22,910)
Income from continuing operations68,775 58,642 131,720 102,738 
Loss from discontinued operations, net of tax— — — (3,685)
Loss on disposal of discontinued operations, net of tax— — — (4,567)
Net income 68,775 58,642 131,720 94,486 
Less: Net income (loss) attributable to noncontrolling interest22 81 (225)84 
Net income attributable to Belden stockholders$68,753 $58,561 $131,945 $94,402 
Weighted average number of common shares and equivalents:
Basic42,497 44,252 42,663 44,535 
Diluted43,088 44,782 43,380 45,179 
Basic income (loss) per share attributable to Belden stockholders:
        Continuing operations$1.62 $1.32 $3.09 $2.31 
        Discontinued operations— — — (0.08)
        Disposal of discontinued operations— — — (0.10)
        Net income $1.62 $1.32 $3.09 $2.12 
Diluted income (loss) per share attributable to Belden stockholders:
        Continuing operations$1.60 $1.31 $3.04 $2.27 
        Discontinued operations— — — (0.08)
        Disposal of discontinued operations— — — (0.10)
        Net income$1.60 $1.31 $3.04 $2.09 
Common stock dividends declared per share$0.05 $0.05 $0.10 $0.10 



BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)

Enterprise SolutionsIndustrial Automation SolutionsTotal Segments
 (In thousands, except percentages)
For the three months ended July 2, 2023
Segment Revenues$312,529 $379,716 $692,245 
Segment EBITDA43,956 78,631 122,587 
Segment EBITDA margin14.1 %20.7 %17.7 %
Depreciation expense6,193 6,489 12,682 
Amortization of intangibles6,208 4,918 11,126 
Amortization of software development intangible assets— 1,820 1,820 
Severance, restructuring, and acquisition integration costs1,669 2,390 4,059 
Adjustments related to acquisitions and divestitures325 (76)249 
For the three months ended July 3, 2022
Segment Revenues$307,444 $359,107 $666,551 
Segment EBITDA41,887 68,060 109,947 
Segment EBITDA margin13.6 %19.0 %16.5 %
Depreciation expense5,768 5,602 11,370 
Amortization of intangibles4,442 4,735 9,177 
Amortization of software development intangible assets22 959 981 
Severance, restructuring, and acquisition integration costs4,575 1,282 5,857 
Adjustments related to acquisitions and divestitures(558)1,134 576 
For the six months ended July 2, 2023
Segment Revenues$587,872 $746,162 $1,334,034 
Segment EBITDA81,161 152,418 233,579 
Segment EBITDA margin13.8 %20.4 %17.5 %
Depreciation expense12,147 12,889 25,036 
Amortization of intangibles10,703 10,033 20,736 
Amortization of software development intangible assets— 3,272 3,272 
Severance, restructuring, and acquisition integration costs1,694 4,077 5,771 
Adjustments related to acquisitions and divestitures325 222 547 
For the six months ended July 3, 2022
Segment Revenues$575,874 $701,048 $1,276,922 
Segment EBITDA72,708 135,588 208,296 
Segment EBITDA margin12.6 %19.3 %16.3 %
Depreciation expense11,194 11,402 22,596 
Amortization of intangibles8,539 9,455 17,994 
Amortization of software development intangible assets44 1,944 1,988 
Severance, restructuring, and acquisition integration costs4,903 4,677 9,580 
Adjustments related to acquisitions and divestitures(558)1,134 576 



BELDEN INC.
OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS
(Unaudited)
 
 Three Months EndedSix Months Ended
 July 2, 2023July 3, 2022July 2, 2023July 3, 2022
 (In thousands)
Total Segment and Consolidated Revenues$692,245 $666,551 $1,334,034 $1,276,922 
Total Segment EBITDA$122,587 $109,947 $233,579 $208,296 
    Total non-operating pension benefit646 1,070 1,134 2,270 
    Eliminations(54)(50)(83)(105)
Consolidated Adjusted EBITDA (1)$123,179 $110,967 $234,630 $210,461 
    Depreciation expense(12,682)(11,370)(25,036)(22,596)
    Amortization of intangibles (11,126)(9,177)(20,736)(17,994)
    Interest expense, net(8,812)(11,276)(17,013)(25,687)
    Amortization of software development intangible assets(1,820)(981)(3,272)(1,988)
    Severance, restructuring, and acquisition integration costs(4,059)(5,857)(5,771)(9,580)
    Adjustments related to acquisitions and divestitures(249)(576)(547)(576)
    Loss on debt extinguishment— — — (6,392)
Income from continuing operations before taxes $84,431 $71,730 $162,255 $125,648 
 
(1)Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.



















BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
July 2, 2023December 31, 2022
 (Unaudited)
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$514,767 $687,676 
Receivables, net509,801 440,102 
Inventories, net345,427 341,563 
Other current assets66,525 66,866 
            Total current assets1,436,520 1,536,207 
Property, plant and equipment, less accumulated depreciation392,593 381,864 
Operating lease right-of-use assets73,435 73,376 
Goodwill893,419 862,253 
Intangible assets, less accumulated amortization286,583 246,830 
Deferred income taxes15,412 14,642 
Other long-lived assets47,365 46,503 
$3,145,327 $3,161,675 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$290,382 $350,058 
Accrued liabilities277,405 289,861 
Total current liabilities567,787 639,919 
Long-term debt1,187,152 1,161,176 
Postretirement benefits67,248 67,828 
Deferred income taxes68,172 58,582 
Long-term operating lease liabilities60,480 59,250 
Other long-term liabilities31,497 30,970 
Stockholders’ equity:
Common stock503 503 
Additional paid-in capital809,332 825,669 
Retained earnings879,179 751,522 
Accumulated other comprehensive loss(28,173)(5,871)
Treasury stock(497,873)(428,812)
Total Belden stockholders’ equity1,162,968 1,143,011 
Noncontrolling interests23 939 
Total stockholders’ equity1,162,991 1,143,950 
$3,145,327 $3,161,675 





BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
 
 Six Months Ended
 July 2, 2023July 3, 2022
 (In thousands)
Cash flows from operating activities:
Net income $131,720 $94,486 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization49,044 42,686 
Share-based compensation12,154 10,870 
Loss on debt extinguishment— 6,392 
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables(71,212)(20,699)
Inventories10,347 (47,305)
Accounts payable(59,295)(23,563)
Accrued liabilities(22,855)(58,525)
Income taxes5,204 163 
Other assets(4,197)(2,634)
Other liabilities3,805 (10,452)
Net cash provided by (used for) operating activities54,715 (8,581)
Cash flows from investing activities:
Cash used for business acquisitions, net of cash acquired(97,585)(104,123)
Capital expenditures(32,729)(31,010)
Proceeds from disposal of tangible assets9 1,424 
Proceeds from disposal of businesses, net of cash sold9,300 338,686 
Net cash provided by (used for) investing activities(121,005)204,977 
Cash flows from financing activities:
Payments under share repurchase program(86,224)(66,559)
Withholding tax payments for share-based payment awards(16,940)(5,167)
Cash dividends paid(4,285)(4,520)
Payments under financing lease obligations(115)(83)
Payments under borrowing arrangements— (230,639)
Proceeds from issuance of common stock1,679 3,717 
Net cash used for financing activities(105,885)(303,251)
Effect of foreign currency exchange rate changes on cash and cash equivalents(734)(9,220)
   Decrease in cash and cash equivalents (172,909)(116,075)
Cash and cash equivalents, beginning of period687,676 643,757 
   Cash and cash equivalents, end of period$514,767 $527,682 

The Condensed Consolidated Cash Flow Statement for the six months ended July 3, 2022 includes the results of discontinued operations up to the February 22, 2022 disposal date.


BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)


In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.
We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition-related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.
Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.


















Three Months EndedSix Months Ended
July 2, 2023July 3, 2022July 2, 2023July 3, 2022
(In thousands, except percentages and per share amounts)
GAAP and Adjusted Revenues$692,245 $666,551 $1,334,034 $1,276,922 
GAAP gross profit$261,328 $222,305 $507,433 $431,165 
Severance, restructuring, and acquisition integration costs259 4,611 488 5,975 
Amortization of software development intangible assets1,820 981 3,272 1,988 
Adjustments related to acquisitions and divestitures325 1,134 325 1,134 
Adjusted gross profit$263,732 $229,031 $511,518 $440,262 
GAAP gross profit margin37.8 %33.4 %38.0 %33.8 %
Adjusted gross profit margin38.1 %34.4 %38.3 %34.5 %
GAAP selling, general and administrative expenses$(126,635)$(105,203)$(248,209)$(208,269)
Severance, restructuring, and acquisition integration costs3,706 1,246 5,189 3,605 
Adjustments related to acquisitions and divestitures(76)(558)222 (558)
Adjusted selling, general and administrative expenses$(123,005)$(104,515)$(242,798)$(205,222)
GAAP research and development expenses$(30,970)$(25,989)$(60,354)$(49,445)
Severance, restructuring, and acquisition integration costs94 — 94 — 
Adjusted research and development expenses$(30,876)$(25,989)$(60,260)$(49,445)
GAAP income from continuing operations$68,775 $58,642 $131,720 $102,738 
Income tax expense 15,656 13,088 30,535 22,910 
Interest expense, net8,812 11,276 17,013 25,687 
Loss on debt extinguishment— — — 6,392 
Total non-operating adjustments24,468 24,364 47,548 54,989 
Amortization of intangible assets11,126 9,177 20,736 17,994 
Amortization of software development intangible assets1,820 981 3,272 1,988 
Severance, restructuring, and acquisition integration costs4,059 5,857 5,771 9,580 
Adjustments related to acquisitions and divestitures249 576 547 576 
Total operating income adjustments17,254 16,591 30,326 30,138 
Depreciation expense12,682 11,370 25,036 22,596 
Adjusted EBITDA$123,179 $110,967 $234,630 $210,461 
GAAP income from continuing operations margin9.9 %8.8 %9.9 %8.0 %
Adjusted EBITDA margin17.8 %16.6 %17.6 %16.5 %
GAAP income from continuing operations$68,775 $58,642 $131,720 $102,738 
Less:  Net income (loss) attributable to noncontrolling interest22 81 (225)84 
GAAP net income from continuing operations attributable to Belden stockholders$68,753 $58,561 $131,945 $102,654 
GAAP income from continuing operations$68,775 $58,642 $131,720 $102,738 
Plus: Operating income adjustments from above17,254 16,591 30,326 30,138 
Plus: Loss on debt extinguishment— — — 6,392 
Less: Net income (loss) attributable to noncontrolling interest22 81 (225)84 
Less: Tax effect of adjustments above3,638 3,692 6,520 8,239 
Adjusted net income from continuing operations attributable to Belden stockholders$82,369 $71,460 $155,751 $130,945 
GAAP income from continuing operations per diluted share attributable to Belden stockholders$1.60 $1.31 $3.04 $2.27 
Adjusted income from continuing operations per diluted share attributable to Belden stockholders$1.91 $1.60 $3.59 $2.90 
GAAP and adjusted diluted weighted average shares43,088 44,782 43,380 45,179 




BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.
 
 Three Months EndedSix Months Ended
 July 2, 2023July 3, 2022July 2, 2023July 3, 2022
 (In thousands)
GAAP net cash provided by (used for) operating activities$86,587 $49,374 $54,715 $(8,581)
Capital expenditures, net of proceeds from disposal of tangible assets(18,877)(18,679)(32,720)(29,586)
Non-GAAP free cash flow$67,710 $30,695 $21,995 $(38,167)




BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2023 Guidance

 Year EndedThree Months Ended
 December 31, 2023October 1, 2023
 (In thousands)
GAAP income from continuing operations per diluted share attributable to Belden common stockholders$5.95 - $6.15$1.40 - $1.50
Amortization of intangible assets0.870.22
Severance, restructuring, and acquisition integration costs0.300.12
Adjustments related to acquisitions and divestitures0.030.01
Adjusted income from continuing operations per diluted share attributable to Belden common stockholders$7.15 - $7.35$1.75 - $1.85

Our guidance is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, adjustments related to acquisitions and divestitures, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known. Such information is not available for our 2025 fiscal year, and therefore we are unable to estimate 2025 GAAP income from continuing operations per diluted share attributable to Belden common stockholders.



Forward-Looking Statements

This release contains, and any statements made by us concerning the subject matter of this release may contain, forward-looking statements, including our outlook for the third quarter and full year 2023 and Adjusted EPS for 2025. Forward-looking statements also include any statements regarding future financial performance (including revenues, growth, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the impact of a challenging global economy or a downturn in served markets; the competitiveness of the global markets in which we operate; the inability of the Company to develop and introduce new products; competitive responses to our products; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of disruptions in the global supply chain, including the inability to timely obtain raw materials and components in sufficient quantities on commercially reasonable terms; the inability to achieve our strategic priorities in emerging markets; the impact of changes in global tariffs and trade agreements; volatility in credit and foreign exchange markets; the presence of substitute products in the marketplace; disruptions in the Company’s information systems including due to cyber-attacks; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; the possibility of a resurgence of COVID-19 or the spread of other viruses; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the increased prevalence of cloud computing; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; the inability to retain key employees; disruption of, or changes in, the Company’s key distribution channels; the presence of activists proposing certain actions by the Company; perceived or actual product failures; the impact of regulatory requirements and other legal compliance issues; inability to satisfy the increasing expectations with respect to environmental, social and governance matters; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; risks related to the use of open source software; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; and other factors.

For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the period ended December 31, 2022, filed with the SEC on February 24, 2023. Although the content of this release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward-looking statements as a result of new information, future developments, or otherwise, except as required by law.

About Belden

Belden Inc. delivers the infrastructure that makes the digital journey simpler, smarter and secure. We’re moving beyond connectivity, from what we make to what we make possible through a performance-driven portfolio, forward-thinking expertise and purpose-built solutions. With a legacy of quality and reliability spanning 120-plus years, we have a strong foundation to continue building the future. We are headquartered in St. Louis and have manufacturing capabilities in North America, Europe, Asia, and Africa. For more information, visit us at www.belden.com; follow us on Facebook, LinkedIn and Twitter.



Contact:
Belden Investor Relations
Aaron Reddington, CFA
(317) 219-9359
Investor.Relations@Belden.com